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The post Ripple Vs. SEC Lawsuit: Attorney Bill Morgan Analyzes The Latest Developments appeared first on Coinpedia Fintech News
The ongoing Ripple vs. SEC battle has entered a crucial phase, creating significant anticipation within the cryptocurrency industry in the United States. A key focal point of this case is the controversial Hinman Documents, which pertain to a speech given by former SEC director Bill Hinman in 2018.
Judge Analisa Torres’ recent order regarding the parties’ requests to seal documents linked to the summary judgment in the SEC vs. Ripple lawsuit is under scrutiny by legal experts. Attorneys such as John Deaton, Jeremy Hogan, James K. Filan, Bill Morgan, and other pro-XRP lawyers have provided their comments on this matter.
Bill Morgan’s Analysis
In a recent Twitter thread, Attorney Bill Morgan, a pro-XRP lawyer from Australia, shared his opinion on the judge’s recent order concerning the sealing requests made by the parties involved.
Bill Morgan discussed Judge Torres’ recent order on the parties’ sealing requests in a Twitter thread. According to Morgan, the judge appears to have extensively familiarized herself with both Ripple’s past and current business operations. He noted that Ripple’s historical activities involved institutional and programmatic sales of XRP, whereas their present focus revolves around sales to On-Demand Liquidity (ODL) customers.
XRP’s Status In ODL
Morgan found it interesting that the judge referred to sales to ODL customers as a “product” and pointed out that the SEC did not oppose the sealing of financial statements from 2020 onwards, potentially indicating a shift away from institutional and programmatic sales. Judge Torres allowed redactions for materials related to Ripple’s ODL, which Morgan suggests may not raise concerns for the judge or the SEC regarding the Howey test, given the specific nature of XRP’s use in ODL.
Morgan raised the possibility that if sales of XRP for use in Ripple’s ODL product do not qualify as investment contracts, it could imply that XRP itself cannot be considered a security, while acknowledging that past programmatic and institutional sales of XRP might present a separate issue.
The Crucial Question: How Can XRP Be Classified?
Attorney Bill Morgan emphasizes that if both Judge Torres and the SEC do not consider XRP sales associated with ODL’s “product” as an investment contract, it implies that XRP should not be categorized as a security. However, he acknowledges that Ripple’s prior programmatic and institutional sales of XRP may pose a separate concern for the company.
Waves Of Optimism
In a previous statement regarding Judge Torres‘ ruling on the parties’ sealing request, Attorney Morgan expresses optimism regarding Ripple. He views the decision, which reportedly rejected the SEC’s motion to seal Hinman’s documents, as a favorable development for the company.
Based on the analyses provided by industry experts, it seems highly promising that Ripple is on the verge of securing a resounding victory in the ongoing lawsuit.
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